While many new businesses start when the economy takes a downturn it is beneficial to be positioned to take advantage when the economy is cyclical with periods of growth and periods of contraction. When the economy is in a decline, this is referred to as a

The year-end financial statements of calloway company contained the following elements and corresponding amounts: assets = $34,000; liabilities = ? ; common stock = $6,400; revenue = $13,800; dividends = $1,450; beginning retained earnings = $4,450; ending retained earnings = $8,400. based on this information, the amount of expenses on calloway's income statement was